Cantor Fitzgerald Reduces Earnings Estimates for Exagen

Exagen Inc. (NASDAQ:XGN) – Equities researchers at Cantor Fitzgerald lowered their FY2024 earnings estimates for Exagen in a research note issued to investors on Tuesday, January 21st. Cantor Fitzgerald analyst R. Osborn now anticipates that the company will earn ($0.86) per share for the year, down from their previous forecast of ($0.85). Cantor Fitzgerald currently has a “Overweight” rating and a $8.00 target price on the stock. The consensus estimate for Exagen’s current full-year earnings is ($0.88) per share. Cantor Fitzgerald also issued estimates for Exagen’s FY2025 earnings at ($0.45) EPS.

Exagen (NASDAQ:XGN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. Exagen had a negative net margin of 30.36% and a negative return on equity of 92.58%. The business had revenue of $12.51 million during the quarter, compared to the consensus estimate of $13.55 million. During the same period in the previous year, the firm posted ($0.31) earnings per share.

Several other equities analysts have also issued reports on XGN. William Blair reissued an “outperform” rating on shares of Exagen in a report on Wednesday, November 13th. Canaccord Genuity Group boosted their target price on Exagen from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Friday, January 3rd.

Exagen Price Performance

Shares of XGN opened at $4.00 on Thursday. The stock has a market cap of $70.56 million, a P/E ratio of -4.26 and a beta of 1.42. Exagen has a 1 year low of $1.30 and a 1 year high of $6.22. The stock’s 50-day moving average price is $4.18 and its two-hundred day moving average price is $3.20. The company has a current ratio of 4.05, a quick ratio of 4.05 and a debt-to-equity ratio of 1.54.

Insiders Place Their Bets

In other Exagen news, CEO John Aballi acquired 24,305 shares of the stock in a transaction dated Thursday, November 14th. The shares were bought at an average cost of $2.81 per share, for a total transaction of $68,297.05. Following the completion of the acquisition, the chief executive officer now directly owns 689,799 shares of the company’s stock, valued at approximately $1,938,335.19. This trade represents a 3.65 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Nmsic Co-Investment Fund, L.P. sold 200,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $3.30, for a total transaction of $660,000.00. Following the transaction, the insider now owns 2,108,958 shares of the company’s stock, valued at $6,959,561.40. The trade was a 8.66 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 26.10% of the company’s stock.

Institutional Investors Weigh In On Exagen

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its stake in shares of Exagen by 93.3% in the second quarter. Renaissance Technologies LLC now owns 94,234 shares of the company’s stock valued at $172,000 after buying an additional 45,476 shares in the last quarter. Creative Planning acquired a new stake in Exagen in the third quarter valued at $110,000. Verus Capital Partners LLC bought a new position in shares of Exagen in the 3rd quarter valued at about $39,000. Palumbo Wealth Management LLC increased its stake in shares of Exagen by 14.5% during the 3rd quarter. Palumbo Wealth Management LLC now owns 76,364 shares of the company’s stock worth $236,000 after purchasing an additional 9,695 shares during the last quarter. Finally, Stonepine Capital Management LLC increased its stake in shares of Exagen by 49.0% during the 3rd quarter. Stonepine Capital Management LLC now owns 534,398 shares of the company’s stock worth $1,651,000 after purchasing an additional 175,701 shares during the last quarter. 75.25% of the stock is owned by institutional investors.

About Exagen

Exagen Inc develops and commercializes various testing products under the AVISE brand in the United States. The company enables healthcare providers to care for patients through the diagnosis, prognosis, and monitoring of autoimmune and autoimmune-related diseases, including systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA).